The division of assets is frequently one of the most difficult topics to negotiate, whether you’re dealing with divorce proceedings or you and your long-term spouse have decided to split.
Most couples amass property together, such as their homes, vacation homes, automobiles, art, and other valuables. It’s not uncommon for these possessions to be held in the names of both parties when it’s time to separate; however, the question of who receives what emerges.
Many couples figure it out on their own. When the spouses agree, a property split in a divorce might be simple. However, in other circumstances, people do not agree, and having a Certified Divorce Financial Analyst on hand throughout deciding how assets are divided can be beneficial.
The rights you have to a specific piece of property can vary depending on whether you’re lawfully married, when and by whom it was bought, and whether it was given to you. You have the right to pursue a fair percentage of the marital property if you’re legitimately married and pursuing a divorce.
A Certified Divorce Financial Analyst can clarify what this right comprises and how to handle the situation in a courtroom and with your partner.
In a divorce, equitable distribution means that the court will examine your assets and debts, determine what is fair, and distribute your property equally between both spouses. This does not, however, imply that the division will be half-and-half.
In some cases, one party might be accountable for more of the debt in the marriage or should leave the marriage with a more significant proportion of the assets. As an outcome, the court will examine several elements while evaluating your situation and forming a reasonable agreement.
Divorce Property Division
When the parties cannot reach an agreement over their property on their own, they may file a claim for equitable division of property. A property settlement occurs when spouses decide on their own how to divide their assets and obligations.
There is no need for a court to issue an equitable distribution order if a genuine property settlement is reached. Property division is handled apart from divorce proceedings, and in many situations, it is completed before the divorce is finalized. Although an equitable distribution lawsuit can be resolved after a divorce, the initial claim must be lodged before the marriage ends.
Neither spouse has the right to seek equal distribution once the marriage is over. After you and your spouse separate, you can claim equitable distribution in court at any time, while some people do so at the same time that they file for divorce. If you’re concerned about what will happen to your property during the divorce, you may need to file a claim first before requesting a divorce.
You can simultaneously seek injunctive relief or temporary orders to ensure that property isn’t sold or vanished before it can be included in the marital estate and split. Your best line of action may be to speak with a Certified Divorce Financial Analyst about your concern.